Scottish Mortgage Investment Trust PLC

18 May 2017

Legal Entity Identifier : 213800G37DCS3Q9IJM38

Net Asset Value with borrowings at par - including current year income

376.82p

Net Asset Value with borrowings at fair value - including current year income

371.97p

Net Asset Value with borrowings at par - excluding current year income

374.16p

Net Asset Value with borrowings at fair value - excluding current year income

369.31p

Net Asset Values are calculated in accordance with published accounting policies and AIC guidelines

The fair value of the debentures is calculated using a closing market offer price